If you’re earning over $75,000 a year and are anywhere between age 25-50, you might be looking for one million dollar life insurance rates. This blog post will cover one $1MM term life insurance – which companies are most competitive, what you need to do to qualify for a million dollar policy,medical exam requirements, and some specific examples of pricing. You can use our quote comparison tool below to get quotes, or continue to read for more on one million dollar life insurance rates.

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One Million Dollar Life Insurance Rates – Which Companies Have the Best Pricing?

Life insurance is an interesting marketplace. While one company may be very competitive for $100,000 rates, they may not be competitive at all for a larger policy. To get the best pricing you really need to compare quotes and find out who is competitive for the coverage amount you are looking for. Fortunately, I’ve done the research and here are the top life insurance companies for a one million dollar term life policy:

SBLI – An A+ rated company with over $125 billion in life insurance policies in force.

Banner Life - A+ rated. In business since 1949, over $400 billion of life insurance policies in force.

American General - A rated and in business over 160 years. Competitive pricing and also a good choice in some high risk life insurance situations.

Transamerica – An A+ rated company with an excellent reputation and competitive pricing.

If you are a smoker, Assurity Life has competitive rates for smokers.

While we represent other top life insurance companies, such as MetLife and Prudential, the 5 companies above usually have the most competitive quotes for one million dollar term life insurance policy.

Qualifying for a 1MM Term Life Insurance – Financial and Medical Requirements

Financial qualifications for life insurance are based on your income, or your spouse’s income if you aren’t working. Life insurance companies use a multiple of your income to determine how much coverage you could qualify for. Below are some guidelines to help you figure out how much life insurance you can qualify for. Note that any policy you have at work will not count in the calculation, but if you have other existing policies that you won’t be replacing with a new policy, that number should be included in the total.

Under Age 40 – 25 Times Annual Income. You would need to earn $40,000 a year to qualify.

Age 41-50 – 20 Times Annual Income – You would need to earn $50,000 a year to qualify

Age 51-55 15 Times Annual Income – $66,000 to qualify.

Age 56-65 10 Times Annual Income – $100,000 to qualify.

Age 66-70 5 Times Annual Income – $200,000 to qualify.

Age 71+ – Based on financial situation.

If you’re buying a policy for estate planning purposes it’s possible that if you don’t meet the income qualifications, that you could qualify based on your assets.

Non-Working Spouses

If you are a non working spouse you can usually get at least as much coverage as your working spouse.

Medical Exam Qualifications for a Million Dollar Life Insurance Policy

To qualify for a million dollar policy a paramedical exam is required. A paramedic would come to your home or office and take blood, a urine sample, and your blood pressure, as well as check height and weight. If you’re over 40 a resting EKG will be required as well, and the life insurance company will also order copies of your physician’s records.

Examples of One Million Dollar Life Insurance Rates

Now that we’ve covered the basics, let’s look at some examples of pricing.

I’ll use a 35 year old male, and 45 year old male as an example – both for a 20 year term at Preferred Plus rates and Standard Non Tobacco Rates – so you have a range of what pricing might look like.

35 Year old Male $1,000,000 20 Year Term Policy:

Preferred Best Non Tobacco – $38 a month with SBLI

Standard Non Tobacco – $84 a month with SBLI

Note that there are a few health ratings between Preferred Best and Standard, which is why the big range of $38-$84. Pricing will be based on your health.

Liran Hirschkorn

Liran Hirschkorn is the founder of Chooseterm.com. His mission is to help individuals across the country in finding the best rates on life insurance as well as helping individuals with high risk life insurance.